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1/ Volatility affects gamma by flattening its curve. When volatility is high, gamma spreads out over a wider range of strike prices. This means the change in delta occurs more gradually. Great visualization 📽️

Menthor Q

90,539 subscribers

1,878,170 views • 1 year ago •via X (Twitter)

Finance Education News & Politics

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10 Comments

Menthor Q1 year ago

2/ A lot of FREE material here covering option valuation, greeks and risk management. Link 🔗

RedEngineer1 year ago

I would pay for a service that modeled these in the form of trades like an atm spx butterfly. I have spreadsheets but I would love to see animation.

Menthor Q1 year ago

Soon

Konstantinos1 year ago

Or put in a different way, the tails become fatter

Financelot1 year ago

Interesting choice of classical song 🤣

Menthor Q1 year ago

lol

BoxBrook1 year ago

I had one of those but the wheels fell off.

Jeff Joseph Mathew1 year ago

Can i use your products in Indian markets ?

ochlocracy1 year ago

The most informative thing you've every posted. 🍸👍

Menthor Q1 year ago

Thank you 😀

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when we talk about scalping reversions against long gamma, this is what we mean. no prediction of the tape bomb or "news", just measuring positioning as accurately as possible in real-time, and trading against it. of course these are rare conditions brought about by exogenous events, but the content of the news doesn't matter at all, only that it brings volatility.

when we talk about scalping reversions against long gamma, this is what we mean. no prediction of the tape bomb or "news", just measuring positioning as accurately as possible in real-time, and trading against it. of course these are rare conditions brought about by exogenous events, but the content of the news doesn't matter at all, only that it brings volatility.

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Prices aren’t going down! eggs, energy, housing—all still sky-high. Now, add potential tariffs on Mexico and Canada. That means lumber prices up, housing even more expensive. Canada’s in limbo without a prime minister, and the U.S. is playing hardball. This is all part of the long game to bring more investment back home. But in the short term? Volatility is here to stay. Stay sharp.

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Kevin O'Leary aka Mr. Wonderful

247,416 views • 1 year ago

options market makers calculate a number every day that tells them whether to pin price or let it run retail has no idea it exists it's called net dealer gamma exposure. when they're long gamma, they hedge by selling rallies and buying dips - price gets pinned when short gamma, they hedge the opposite way - moves accelerate, break out, trend this isn't hidden data or a proprietary signal it's calculable from public cboe options chains, free, updated every morning crossover - where gamma flips zero - is your volatility regime indicator above it: suppression, below it: acceleration python + cboe feed + 200 lines of code to build it framework in academic papers since 2017, sitting in textbooks the whole time retail has been reading candles while market makers were reading their own hedging book Bookmark and reasearch it yourself same market. completely different game

options market makers calculate a number every day that tells them whether to pin price or let it run retail has no idea it exists it's called net dealer gamma exposure. when they're long gamma, they hedge by selling rallies and buying dips - price gets pinned when short gamma, they hedge the opposite way - moves accelerate, break out, trend this isn't hidden data or a proprietary signal it's calculable from public cboe options chains, free, updated every morning crossover - where gamma flips zero - is your volatility regime indicator above it: suppression, below it: acceleration python + cboe feed + 200 lines of code to build it framework in academic papers since 2017, sitting in textbooks the whole time retail has been reading candles while market makers were reading their own hedging book Bookmark and reasearch it yourself same market. completely different game

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59,146 views • 2 months ago

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Q: "You were quoted as saying in an interview earlier this week that, 'It was worth a bit of economic pain for international security.' Is that this administration's message to American voters with high gas prices ahead of the midterms this year?" Bessent: "The message is the short-term volatility for long-term gain."

Q: "You were quoted as saying in an interview earlier this week that, 'It was worth a bit of economic pain for international security.' Is that this administration's message to American voters with high gas prices ahead of the midterms this year?" Bessent: "The message is the short-term volatility for long-term gain."

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CAPITAL IS MOVING — NOT LEAVING The point on CNBC wasn’t that markets are breaking. Volatility is high, but money isn’t running for the exits. It’s rotating. Out of last year’s crowded trades — MAG-7, financials — and into areas that were under-owned. What stood out was this: Bitcoin and crypto were called out as where momentum may be trying to re-establish itself, right alongside energy, materials, and small caps. That’s not a risk-off lineup. When volatility rises and capital stays in the system, it usually means leadership is changing under the surface. This feels less like distribution and more like money searching for its next home. And that home is starting to look a lot like Bitcoin & crypto 🚀

CAPITAL IS MOVING — NOT LEAVING The point on CNBC wasn’t that markets are breaking. Volatility is high, but money isn’t running for the exits. It’s rotating. Out of last year’s crowded trades — MAG-7, financials — and into areas that were under-owned. What stood out was this: Bitcoin and crypto were called out as where momentum may be trying to re-establish itself, right alongside energy, materials, and small caps. That’s not a risk-off lineup. When volatility rises and capital stays in the system, it usually means leadership is changing under the surface. This feels less like distribution and more like money searching for its next home. And that home is starting to look a lot like Bitcoin & crypto 🚀

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74,544 views • 6 months ago

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Peter Tuchman

26,014 views • 5 months ago

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JUST IN: Coinbase says institutional investors will continue to buy Bitcoin in 2026 "This is the best performing asset by a mile, the GOAT, nine out of twelve years." "I don't know a single institution that put in the work but stopped due to typical volatility."

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Bitcoin Archive

81,316 views • 7 months ago

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Anthony Scaramucci

45,836 views • 4 months ago

If you pull a vacuum on wood, then impregnate it with a monomer, and then irradiate the heck out of with gamma rays, you get a wood-plastic composite that is extremely tough while looking great. If it gets scuffed, you just buff it out, the finish goes all the way through. Here's a 1969 AEC film describing the material, commercial applications, and the production process. (Title: "Atomic Revolution in Wood", AVN0481, Digitized by the IAEA) 📽️⚛️

If you pull a vacuum on wood, then impregnate it with a monomer, and then irradiate the heck out of with gamma rays, you get a wood-plastic composite that is extremely tough while looking great. If it gets scuffed, you just buff it out, the finish goes all the way through. Here's a 1969 AEC film describing the material, commercial applications, and the production process. (Title: "Atomic Revolution in Wood", AVN0481, Digitized by the IAEA) 📽️⚛️

Nick Touran

178,151 views • 3 months ago

If You Want to Finally UNDERSTAND how to use GAMMA EXPOSURE (GEX) , just Imagine Walking Into a Bread Shop🥖 A introduction to how to ACTUALLY trade with GEX Every morning on your way to work, you stop by the same neighborhood bakery. For days, you've noticed the baker puts exactly 10 loaves of bread on the shelves before opening. It's consistent. Every day, there are 10 loaves available for customers to buy. Then one Sunday, something changes. Instead of putting out 10 loaves, the baker stocks 100 loaves before opening. That should immediately catch your attention. Why? Because the baker is increasing the amount of product available for customers to purchase. He has supplied more inventory because he expects more demand. If he didn't believe more customers were coming, there would be no reason to fill the shelves with ten times as much bread. Now think of the baker as the market maker. The bread is liquidity. The customers are traders. When Daily Net Gamma increases, market makers are doing something similar. They are increasing their long gamma exposure, which adds liquidity to the market. Just like the baker stocked more bread, market makers are supplying more liquidity because they anticipate increased buying activity. Now imagine the opposite. You walk into the bakery expecting the usual 10 loaves, but instead there are only 5. The baker hasn't run out of bread by accident. He's chosen to supply less inventory because he expects fewer customers. He's reduced the amount of product available. That reduction tells you something about his expectations. The same principle applies to Daily Net Gamma. When Daily Net Gamma decreases, market makers are reducing long gamma or increasing short gamma, removing liquidity from the market. Just as the baker stocked fewer loaves because he expected less demand, market makers are supplying less liquidity because they expect weaker buying. I use it to understand what market makers are expecting. An increase in Daily Net Gamma tells me dealers are adding liquidity, creating a more supportive environment for bullish price action. A decrease tells me they're removing liquidity, creating an environment where bullish moves have less support and downside risk becomes more likely. The final step is confirmation. Just because the baker stocked 100 loaves doesn't guarantee customers will buy them. You still have to watch people walk through the door. In the market, that's Net Volume. If Daily Net Gamma is increasing and Net Volume begins expanding positively, market makers' expectations are being confirmed by actual buying. If Daily Net Gamma is decreasing and Net Volume turns increasingly negative, the reduction in liquidity is being confirmed by selling pressure. Daily Net Gamma tells you what the market maker expects. Net Volume tells you whether the customers actually showed up. When you understand the relationship between those two, you're no longer guessing where the market might go. You're reading the expectations of the market makers and waiting for traders to confirm them.

If You Want to Finally UNDERSTAND how to use GAMMA EXPOSURE (GEX) , just Imagine Walking Into a Bread Shop🥖 A introduction to how to ACTUALLY trade with GEX Every morning on your way to work, you stop by the same neighborhood bakery. For days, you've noticed the baker puts exactly 10 loaves of bread on the shelves before opening. It's consistent. Every day, there are 10 loaves available for customers to buy. Then one Sunday, something changes. Instead of putting out 10 loaves, the baker stocks 100 loaves before opening. That should immediately catch your attention. Why? Because the baker is increasing the amount of product available for customers to purchase. He has supplied more inventory because he expects more demand. If he didn't believe more customers were coming, there would be no reason to fill the shelves with ten times as much bread. Now think of the baker as the market maker. The bread is liquidity. The customers are traders. When Daily Net Gamma increases, market makers are doing something similar. They are increasing their long gamma exposure, which adds liquidity to the market. Just like the baker stocked more bread, market makers are supplying more liquidity because they anticipate increased buying activity. Now imagine the opposite. You walk into the bakery expecting the usual 10 loaves, but instead there are only 5. The baker hasn't run out of bread by accident. He's chosen to supply less inventory because he expects fewer customers. He's reduced the amount of product available. That reduction tells you something about his expectations. The same principle applies to Daily Net Gamma. When Daily Net Gamma decreases, market makers are reducing long gamma or increasing short gamma, removing liquidity from the market. Just as the baker stocked fewer loaves because he expected less demand, market makers are supplying less liquidity because they expect weaker buying. I use it to understand what market makers are expecting. An increase in Daily Net Gamma tells me dealers are adding liquidity, creating a more supportive environment for bullish price action. A decrease tells me they're removing liquidity, creating an environment where bullish moves have less support and downside risk becomes more likely. The final step is confirmation. Just because the baker stocked 100 loaves doesn't guarantee customers will buy them. You still have to watch people walk through the door. In the market, that's Net Volume. If Daily Net Gamma is increasing and Net Volume begins expanding positively, market makers' expectations are being confirmed by actual buying. If Daily Net Gamma is decreasing and Net Volume turns increasingly negative, the reduction in liquidity is being confirmed by selling pressure. Daily Net Gamma tells you what the market maker expects. Net Volume tells you whether the customers actually showed up. When you understand the relationship between those two, you're no longer guessing where the market might go. You're reading the expectations of the market makers and waiting for traders to confirm them.

Scholar

42,806 views • 18 days ago

Bitcoin is typically known for its high growth potential and volatility, but not for generating income. The NEOS Bitcoin High Income ETF (BTCI) seeks to harness that volatility through a data-driven call option strategy, aiming for high monthly income while maintaining upside exposure, all within an accessible ETF. Learn more about BTCI at BTCI does not invest in Bitcoin directly. There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the following risks before investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.

Bitcoin is typically known for its high growth potential and volatility, but not for generating income. The NEOS Bitcoin High Income ETF (BTCI) seeks to harness that volatility through a data-driven call option strategy, aiming for high monthly income while maintaining upside exposure, all within an accessible ETF. Learn more about BTCI at BTCI does not invest in Bitcoin directly. There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the following risks before investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.

NEOS Investments

19,465 views • 9 months ago

This order book depth creates exactly the kind of fragile setup where a sudden shock could easily trigger a major, sharp and accelerated correction. Here’s why the risk is real right now: 1) Liquidity vacuum: Top of book depth in ES futures is sitting at ~$5.1M levels an 80% collapse from the start of 2026 and right back at the stressed lows seen during the April 2025 “Liberation Day” volatility spike. Even modest selling flow has far fewer resting bids to absorb it. 2) Markets are rallying into thin book: SPX closed today around 6,783 (+2.5%), with ES hovering near 6,800–6,825 on the ceasefire relief news. A rally built on thin liquidity is the textbook setup for an “air pocket” drop if sentiment flips dealers aren’t providing the usual cushion. 3) Geopolitical cliff in 48 hours: There are talks scheduled in Islamabad on April 10. If they fail, escalation resumes hitting the order book that now can’t absorb the flow. 4) Post OpEx volatility tailwind: April monthly expiration is April 17. We’re already seeing the gamma roll off begin, shifting the market into a more negative gamma near current levels. That amplifies moves in either direction once the gamma wall loosens. 5) Income Tax deadline: April 15 is the deadline for U.S. taxes. A major drain on liquidity in both the stock market, banks and financial system as a whole. The structural vulnerability in thin depth + upward drift + looming catalyst means any sudden shock like failed talks or a sudden ground invasion of Iran has a much higher probability of producing a gap down or cascading sell off than it would in a normal liquidity environment. The move would be faster and deeper than the headline alone would justify, possibly producing a 2020 flash crash scenario.

This order book depth creates exactly the kind of fragile setup where a sudden shock could easily trigger a major, sharp and accelerated correction. Here’s why the risk is real right now: 1) Liquidity vacuum: Top of book depth in ES futures is sitting at ~$5.1M levels an 80% collapse from the start of 2026 and right back at the stressed lows seen during the April 2025 “Liberation Day” volatility spike. Even modest selling flow has far fewer resting bids to absorb it. 2) Markets are rallying into thin book: SPX closed today around 6,783 (+2.5%), with ES hovering near 6,800–6,825 on the ceasefire relief news. A rally built on thin liquidity is the textbook setup for an “air pocket” drop if sentiment flips dealers aren’t providing the usual cushion. 3) Geopolitical cliff in 48 hours: There are talks scheduled in Islamabad on April 10. If they fail, escalation resumes hitting the order book that now can’t absorb the flow. 4) Post OpEx volatility tailwind: April monthly expiration is April 17. We’re already seeing the gamma roll off begin, shifting the market into a more negative gamma near current levels. That amplifies moves in either direction once the gamma wall loosens. 5) Income Tax deadline: April 15 is the deadline for U.S. taxes. A major drain on liquidity in both the stock market, banks and financial system as a whole. The structural vulnerability in thin depth + upward drift + looming catalyst means any sudden shock like failed talks or a sudden ground invasion of Iran has a much higher probability of producing a gap down or cascading sell off than it would in a normal liquidity environment. The move would be faster and deeper than the headline alone would justify, possibly producing a 2020 flash crash scenario.

Financelot

180,626 views • 4 months ago